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09:17 Feb 9, 2009
Turkish to English translations [PRO] Law/Patents - Law (general) / legislation
Turkish term or phrase:yarı mevcudu
In translating paragraph III of article 178 of the Enforcement and Bankruptcy Law (İcra ve İflas Kanunu No. 2004):
"İflasa tabi bir borçlu aleyhine alacaklılardan birinin haciz yolu ile takibi neticesinde yapılan haciz borçlunun yarı mevcudunun elinden çıkmasına sebep olup da kalanı muaccel ve vadesi bir sene içinde hulül edecek diğer borçlarını ödemeye yetişmiyorsa borçlu derhal aczini bildirerek iflasını istemeye mecburdur."
I am experiencing problems with the phrase "yarı mevcudu". If we were to translate this literally as "half of his assets", this would imply that this provision applies if by some chance exactly one-half of the debtor's assets had been distrained, but not more or less. This is clearly illogical. I wonder if the sense of "yarı" here is "half or more", or if it is used in a less precise sense to refer to a significant portion of the debtor's assets.
Any constructive input would be greatly appreciated.
I realise that this article has nothing to do with setting a limit on the amount of assets that can be distrained. As I understand it, it sets a limit beyond which the debtor must himself file for bankruptcy. This limit is set at half of the debtor's assets, i.e. it kicks in when he loses at least half of his assets but he could actually have lost more.
Let us say, for example, that there are two debtor's called John and Peter who both have 100,000 pounds in assets. Let us say that one of John's creditors brings recovery action against him and distrains 50,000 pounds worth of his assets, and one of Peter's creditors also brings recovery action against him and distrains 51,000 pounds worth of his assets.
In other words 100,000/50,000 = 50% (exactly half) of John's assets have been distrained, whereas
100,000/51,000 = 51% (more than half) of Peter's assets have been distrained.
Let us say that the total amount of debts that have fallen due or will fall due within a year owed by both of these debtors is 60,000 pounds, such that the remaining amount of their assets is insufficient to cover these liabilities, who does the provision of this paragraph apply to? Only John because precisely half of assets were distrained, or John and Peter because half or more of their assets have been distrained? Only the latter is logical.
I would contend that if we translate "yarı mevcudu" in the above sentence literally as "half of his assets" then this would read in English as if it only applied to John in the above example. I think that to make the meaning clear we need to use either "half or more of his assets" or "at least half of his assets".
this article does not say that you cannot distrain more/less than half; it says if the distrain has caused the debtor to lose more than half of his assets than the debtor MUST request bankruptcy. So, this article describes the bankruptcy conditions of a debtor.
Let us assume that a debtor has assets of 100,000 pounds. Does this provision apply only if by chance assets with a value of exactly 50,000 pounds are distrained, and if assets valued at 50,000 and one pence are distrained, then it doesn't apply because this is not exactly "half of the debtor's assets"? This would surely be illogical. I think what must actually be meant is "half or more; at least half" and this needs to be specified as such in the English text.
if the distrain causes the debtor to lose half of his assets which may lead him not to be able to pay his other contingent liabilities which are to be due in 1 year, the debtor has to request his bankruptcy. Here the sense is to protect other possible creditors.
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38 mins confidence: peer agreement (net): +1
half of the debtor's assets
Explanation: I had exactly the same in mind before I read your little brainstorming.. if it were half or more, it would say so..
I think it should go the way you thought of..
unaldi Local time: 01:54 Works in field Native speaker of: Turkish PRO pts in category: 2